Even as the economy improves, foreclosures remain a problem for many lenders–but not for the National Federation of Community Development Credit Unions.
The federation's mortgage program has experienced no foreclosures and only a few delinquencies. Minor modifications have worked out well. Terri Fowlkes, director of NFCDCU Community Development Investments, which includes the CDCU Mortgage Center, credited that to several factors.
"We're buying these loans from member credit unions," she noted. "The credit unions have strong relationships with their members and are considered trusted advisers. There's a sense of loyalty. Most of them have kept the servicing, so that member loyalty stays in good shape."
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